Portfolio

Before the September 4 market opening the tranche size was $50,000, the exposure of the investments was $514,586 (excluding those slated to be sold), and the exposure of the hedges was $560,425. Opening another hedge would have degraded neutrality.

Before the September 25 market opening the tranche size was $50,000, the exposure of the investments was $588,008 (including $50,000 for the slated purchase of LB call options), and the exposure of the hedges was $559,905. Closing a hedge would have degraded neutrality

Capital gains

Real Estate Fund Strategy

Portfolio

I sold all options with a strike price greater than 70 to establish tax losses, except IYR17C72 was not sold because doing so would have created a wash sale. There was no purchase this month, ensuring none of the sales could be interpreted as a wash sale. The $20,348 proceeds from the sales will be reinvested on October 23: